US Infrastructure Bill Spurs Calls for Bitcoin President
Incumbent US President, Joe Biden has failed to meet the expectations of the global crypto community in view of a new Infrastructure bill. The bill, if passed, will set out (mostly unfavorable) regulations including tax reporting rules for crypto usage and operations. It is on this premise that calls for a Bitcoin president have heightened.
Anthony Pampliano Spearheads Bitcoin President Campaign
The idea of a Bitcoin president was first broached by Bitcoin maximalist, Anthony Pampliano. Pampliano also suggested in his comments likely candidates, who could assume the proposed role. Twitter founder and billionaire Jack Dorsey came up in the mentions. However, Dorsey swiftly replied via a tweet that Bitcoin does not need a president.
While Dorsey did not state the rationale behind his reply, knowing decentralization to be a core feature of the flagship cryptocurrency, agreeing with him is not out of place. Bitcoin has browbeaten lots of critics to get to this point due to its radical nature; electing a Bitcoin president might defeat the purpose of decentralization Satoshi Nakamoto proposed for Bitcoin.
Pampliano refuted claims that he was propping himself up as a potential candidate. In the past, candidates who vied for American presidency with Bitcoin-themed manifestos stood no chance in getting there. Andrew Yang, ex-Democratic candidate received massive support as a Bitcoin candidate, but his votes didn’t cut it. Tether (USDT) co-founder, Brock Pierce appeared as a candidate in the November 2020 elections, but even failed to garner above 50,000 votes.
Infrastructure Bill Divides US Congress
Meanwhile, members of the US Congress still hold divergent views on the Infrastructure bill. A controversial amendment suggested by some legislators divided the House. But it appears that White House is throwing their whole weight behind the proposed amendment, according to Deputy Press Secretary, Andrew Bates. According to reports, the amendment seeks to exempt some crypto businesses such as Proof-of-Stake operators and a handful of others from the purview of the bill.
Moreover, the idea of a digital currency not backed by a regulatory body does not sit well with immediate past US president, Donald Trump. He has always maintained, especially during his tenure that Bitcoin was a scam. Back in July, Trump declared that he never wanted anything to topple the US dollar as the world’s reserve currency. Other anti-Bitcoin campaigners also include Elizabeth Warren, who had repeatedly cautioned against allowing cryptocurrencies to have a free rein.
On the contrary, Hester Peirce, US SEC commissioner, prefers a mild approach on crypto regulations to encourage the emergence of new technologies. Peirce has been dubbed ‘Crypto Mum’ for her pro-crypto Bitcoin stance. The infrastructure bill will also impose tax regulations on crypto transactions above $10,000.
Debates on the bill had a domino effect on the crypto market last week. Into the new week, a market correction has occurred after Bitcoin jumped above $45k instigating predictions of the start of the much-anticipated bull run. As of press time, the crypto asset is exchanging hands at a little above $43k.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
